Summary

• Amkor Technology remains a Buy with a revised price target of $100–$110, reflecting 40–55% upside as AI packaging demand accelerates.
• AMKR's Q4 2025 and Q1 2026 results exceeded expectations, with four consecutive earnings beats and record first-quarter revenue driven by advanced packaging.
• Management guides for the AI advanced packaging portfolio to triple in 2026, with new compute programs and the Arizona facility ramping up in H2 as key catalysts.
• Despite a 36% stock gain, AMKR's forward P/S multiple remains near 2.2x, leaving significant re-rating potential if H2 AI packaging acceleration materializes.

Investment thesis

In my previous coverage, the partnership with Nvidia gave Amkor Technology, Inc. (AMKR) the perfect positioning as the packaging backbone of the AI infrastructure buildout, which has not been reflected by the share price.

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